§431:3-206  Additional funds required, newinsurers.  In addition to the paid-up capital stock or unimpaired surplusas required under section 431:3-205 and section 431:3-208, the followinginsurers shall possess when first authorized:

(1)  In the case of domestic stock or reciprocalinsurers not existing and authorized in this State on July 1, 1988, or domesticmutual insurers not existing and authorized in this State on July 1, 1988,which qualify upon the basis of possession of surplus in lieu of applicationsand premiums collected as provided in section 431:4-303 to section 431:4-307,bona fide additional surplus equaling in amount not less than fifty per cent ofthe capital stock or surplus otherwise required for the class or classes ofinsurance proposed to be transacted; or

(2)  In the case of foreign and alien insurers whichhave been insurers for less than five years except if as a result of areorganization (including a merger, corporate acquisition, or formation of asubsidiary), bona fide additional surplus in an amount not less than fifty percent of the capital stock or surplus otherwise required for the class orclasses of insurance which the insurer is authorized to transact in itsdomicile. [L 1987, c 347, pt of §2; am L 1989, c 207, §2]